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EM trades flat amid low liquidity; better crude prices register muted impacts on energy names
By Paul A. Harris
Portland, Ore., Aug. 18 – Emerging markets credit was flat on Thursday amid low liquidity, with a considerable portion of the market away on vacation, a market source said.
The iShares JPMorgan USD Emerg Markets Bond ETF (EMB) was better on the day at $117.97 per share, up 28 cents, or 0.24%.
Better crude oil prices registered muted impacts on emerging markets energy names.
The barrel price of West Texas Intermediate crude oil for September 2016 delivery was up 2.8%, or $1.31, at $48.10 in the New York afternoon.
And Brent crude topped $50 a barrel, as the U.S. Department of Energy announced on Wednesday that for the past week crude oil inventories in the country have decreased by 2.51 million barrels.
Impacts on Latin American energy names were muted, a market source said.
Petrobras 5 3/8% notes due 2021 were 96.85 bid, 97.60 offered, unchanged. The longer dated Petrobras 8¾% notes due 2026 were up 1/8 at 110.10 bid, 1110.7 offered.
The deeply distressed Petroleos de Venezuela SA (PDVSA) paper did see some upward movement. The PDVSA 9% bonds due 2021 were 48 5/8 bid, 49¾ offered, up 1½ points. At the long end of the curve the PDVSA 5½% notes due 2037 were 35 bid, 36 offered, up 1/8.
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